BlueScope Steel has welcomed the government's announcement that the Steel Transformation Plan is open for business. Now eligible companies can apply for competitiveness assistance advances.

Under this facility, originally announced by the Prime Minister in August 2011, eligible steelmakers can apply for advances to provide competitiveness assistance, allowing BlueScope Steel to bring forward into 2011-12 up to AUD 100 million of the payments allocated to it under the STP.

Commenting on the application opening period, Mr Paul O'Malley MD & CEO of BlueScope said that "The company will apply for the early advance of AUD 100 million of payments allocated to it under the STP. We believe the Federal Government's Steel Transformation Plan, is tangible evidence of the importance the government places on having a viable, competitive and innovative domestic steel industry in this country."

The STP advance, together with the company's capital raising, potential asset realization opportunities, and the restructuring of our Australian operations which is now well advanced, will all help accelerate our return to profitability and growth.

Mr O'Malley said that "As part of the application process, we are confident the company will meet the eligibility criteria and we will work closely with the federal government to secure approval for the advance as soon as possible."